(1)

(2)

(3)

(4)

(5)

(6)

Dacc

Jdacc

Acof

Adisexp

Aprod

Rems

常数项

−0.359^***

0.005

0.203^***

−0.131^***

0.211^***

0.139

(−8.877)

(0.155)

(5.464)

(−3.990)

(3.846)

(1.507)

Initial

−0.003

−0.002

0.006^***

0.005^**

−0.013^***

−0.023^***

(−1.327)

(−1.172)

(2.678)

(2.340)

(−3.806)

(−4.182)

Size

0.015^***

0.000

−0.008^***

0.003^***

−0.008^***

−0.003

(10.586)

(0.083)

(−5.662)

(2.861)

(−3.837)

(−1.018)

Lev

−0.041^***

0.002

0.027^***

−0.042^***

0.102^***

0.117^***

(−5.327)

(0.392)

(3.915)

(−6.724)

(9.884)

(6.702)

Roa

0.384^***

−0.242^***

0.144^***

0.014

−0.289^***

−0.447^***

(26.074)

(−21.312)

(10.629)

(1.161)

(−14.535)

(−13.355)

Growth

0.002

0.018^***

−0.008^***

−0.001

−0.007^**

0.002

(0.911)

(9.272)

(−3.444)

(−0.564)

(−1.977)

(0.417)

Age

−0.003^***

−0.001^**

0.002^***

0.001^***

−0.002^***

−0.005^***

(−6.203)

(−2.170)

(4.947)

(3.067)

(−3.189)

(−4.991)

Bs

0.018^**

0.009

−0.012^*

0.016^***

−0.025^**

−0.029^*

(2.465)

(1.579)

(−1.763)

(2.733)

(−2.505)

(−1.755)

Idir

0.024

0.017

−0.022

0.021

−0.033

−0.032

(1.039)

(0.926)

(−1.052)

(1.133)

(−1.063)

(−0.613)

Dual

0.003

0.005^***

−0.000

0.005^***

−0.002

−0.007

(1.510)

(3.247)

(−0.115)

(3.101)

(−0.621)

(−1.431)

Invrec

0.146^***

0.044^***

−0.161^***

0.003

0.086^***

0.244^***

(17.764)

(6.946)

(−21.338)

(0.497)

(7.789)

(13.075)

Top1

−0.000

0.000

−0.000

−0.000^**

−0.000

0.000

(−0.482)

(1.213)

(−0.197)

(−2.095)

(−0.257)

(0.675)

Seo

0.011^***

0.006^***

−0.004

−0.002

0.014^***

0.020^***

(3.550)

(2.657)

(−1.460)

(−0.732)

(3.485)

(2.925)

Avloss

0.009^*

−0.018^***

−0.008^*

−0.006

0.029^***

0.043^***

(1.736)

(−4.700)

(−1.722)

(−1.584)

(4.226)

(3.776)

Year/Ind

控制

控制

控制

控制

控制

控制

Adj-R²

0.220

0.142

0.117

0.042

0.141

0.133

F

40.600

24.210

19.680

7.104

24.100

22.540

N

5,340

5,340

5,340

5,340

5,340

5,340